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Winklevoss Twins to Return $1.1b in NY Gemini Ruling, BlockDAG Network to Reach Top 50 CoinMarketCap List

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What Happens in New York (Does Not Stay in New York) – The Winklevoss brothers have been key figures in shaping the evolution of the digital asset landscape while cementing their status as influential–and controversial–figures in both finance and technology. Now, The New York Department of Financial Services has ordered the two to pay $1.1 billion back to Gemini Exchange customers, an amount that includes a $37 million fine for “unsafe and unsound practices.”

What Happens in New York (Does Not Stay in New York) – The Winklevoss brothers have been key figures in shaping the evolution of the digital asset landscape while cementing their status as influential–and controversial–figures in both finance and technology. Now, The New York Department of Financial Services has ordered the two to pay $1.1 billion back to Gemini Exchange customers, an amount that includes a $37 million fine for “unsafe and unsound practices.”

The Winkle-(t)Wins

Cameron and Tyler, aka the Winklevoss twins, are the co-founders of Gemini Exchange, one of the leading cryptocurrency exchanges in the world. The wonder-twins gained widespread recognition for their involvement in the early days of Facebook–now Meta, after famously suing Mark Zuckerberg (and later reaching a $65m settlement) for allegedly stealing their social media idea—all perfectly dramatized by Hollywood in the blockbuster “The Social Network.”

In later years, the Winklevoss pivoted towards the world of cryptocurrency, recognizing its enormous potential. Through their early involvement in Bitcoin the twins amassed a fortune of over $1.5 billion each (Forbes). This led them to establish Gemini in 2014, a cryptocurrency exchange headquartered in New York City. Gemini quickly gained traction due to its emphasis on regulatory compliance and security measures, aiming to provide a trustworthy platform for both individual and institutional investors for the trade of digital assets. The exchange offers a variety of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, and others. Ironically, the platform has also been at the forefront of advocating for greater regulation and transparency within the cryptocurrency industry, working closely with regulatory bodies to establish standards of best practices.

The Winkle-(v)Loss

On Wednesday, just as Bitcoin surged over 60k per BTC, the ruling came in ordering the twin businessmen to pay over $1b back to Gemini users via their Gemini Trust, $37m of which, in fines for “significant failures that threatened the safety and soundness of the company” the CNN reports. According to the statement released by the NYDFS, the case isn’t over as they will continue to keep an eye on the business as they have the authority to “bring further action against Gemini if the company does not fulfil its obligation towards their customers.”

In recent X posts published throughout the day on Wednesday, the cryptocurrency exchange announced that as part of a settlement, customers enrolled in its lending program, Gemini Earn, would receive a full reimbursement of their digital assets along with any accrued appreciation in value.

Gemini Earn had positioned itself as a low-risk investment avenue, allowing users to lend their crypto assets to Genesis Global Capital (GGC) while earning interest payments of up to 8%.

According to the X post from Gemini, they are set to return over $1.8 billion in value (based on current market prices), marking an increase of $700 million from the time when GGC suspended withdrawals back in November 2022.

This event coincided with every crypto enthusiast’s favourite drama: the turmoil in the trillion-dollar cryptocurrency market triggered by the collapse of FTX. FTX’s co-founder, Sam Bankman-Fried, faced legal troubles in November, after he had been convicted on seven counts of fraud and conspiracy having been the leading actor in the once-prominent crypto exchange’s downfall.

According to sources, the coast is still not clear for the Winklevoss brothers and their Gemini Trust. The company is still contending with a lawsuit filed in October by New York’s attorney general Letitia James. The suit accuses the twins, their Gemini Trust and all parent companies, of deceiving investors and concealing over $1 billion in losses.

The Winklevoss Dream: From an Idea to a Billion Dollars, Now BlockDAG Users Dream of the Same

Tyler and Cameron Winklevoss made their fortunes by betting on an idea and following the then-new and unexplored avenue of investment: cryptocurrency. The two New Yorkers are among the “original” Bitcoin-believers. This led them to amassing a combined fortune of over $3b.

From Bitcoin to BlockDAG – drawing inspiration from Bitcoin (and other prominent projects such as Kaspa), emerges as a groundbreaking layer 1 blockchain, positioned to lead the new-generation crypto-innovation and alter its landscape forever.

BlockDAG, is currently sitting on over $2m raised in presale and “promises” to take its users on a journey through revenue avenues never before explored in the cryptocurrency realm. Its architecture incorporates a sophisticated Proof-of-Work (PoW) algorithm that not only ensures industry-leading transaction speeds but also upholds unparalleled security standards and fosters the highest degree of decentralization. Designed with forward-looking vision, BlockDAG stands ready to underpin a wide spectrum of applications, ranging from everyday consumer tools (such as payment cards and mining machines) to enterprise-grade decentralized finance (DeFi) protocols.

The versatility in the BlockDAG universe highlights its potential to revolutionize various sectors, offering robust solutions tailored to diverse needs. One of BlockDAG’s standout features is its accessibility to miners worldwide, de-nicheing and democratizing the mining process and making it straightforward for both enthusiasts and professionals alike to participate in securing the network, revolutionizing an industry, rising at the top of the top 50 CoinMarketCap list and, best of all earning tangible cash.

After the Winklevoss, many have become crypto-millionaires or are currently on the way to their first crypto-million. Today, increasing one’s wealth through digital investments is easier than it ever was before. Whether it’s through betting on seasoned projects like Bitcoin or redirecting that attention and capital on new, advanced technological platforms like BlockDAG, the opportunity of making real money in the “abstraction” of the digital-sphere is as tangible as it can be.

Read More On BlockDAG:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetwork

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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